 Most of this information comes from the tax guide for small business for individuals who use Schedule C Publication 334 Tax Year 2022. You can find on the IRS website, irs.gov, irs.gov. Looking at the income tax formula, we're focused online. One, that being income, remember in the first half of the income tax formula is in essence an income statement, but just an outline, just to scaffolding, meaning other forms and schedules will be feeding into these line items. We here focused on the income line and the Schedule C, the form used for sole proprietors and small businesses, which is in essence another income statement, having business income minus business expenses, otherwise known as business deductions that will get down to in essence net income from the business, which will flow into line one of our income tax formula, that being income, as we can see here on the first page of the form 1040, where the Schedule C net income flows ultimately into line eight other income from Schedule One. This is the net income from Schedule C. Here's an example of the Schedule C profit or loss from business where we have income minus the expenses, the net income flowing to Schedule One, then to page one of the Schedule C. Okay, so what's new for 2022? The following are some of the tax changes for 2022. You got the maximum net earnings, the maximum net self-employment earnings subject to the social security part of self-employment tax is 147,000. For 2022, there is no maximum limit on earnings subject for the Medicare part. So in other words, when we're thinking about our self-employed business, we have to deal with the federal income taxes, but we also have to deal with the equivalent of the payroll taxes. If we were a double U2 employee, that being social security and Medicare, the self-employment taxes. So when we look at the social security part in particular, there's actually a cap in terms of when, how far you're going to be taxed. In other words, if you clear the cap of 147,000, you will no longer be paying social security over and above that threshold. Why? Well, part of it has to do with the amount of benefits you're going to be getting in retirement for paying into social security. In other words, social security used to be more of a safety net program. So we kind of thought of, so you might think of it as we're putting money in so that people who happen to live past their age to be able to support themselves because they lived longer than they expected, for example. It would be their social security could have a safety net to support that situation, for example. But more and more, social security is thought of as kind of like a federal retirement program where we pay into it and we expect to get benefits out of it in retirement years. And in that kind of system, the more you pay in, the greater your benefits you would expect to be receiving. And if your income goes above this threshold, for example, you're not actually getting any more benefit from the amount that you're going to be receiving in retirement. That's one rationale as to why there might be a cap on it. Whereas when we think about the Medicare part, this is still kind of thought more as a safety net kind of program. There is no cap. And you can also see that in the tax rates, which we'll get into when we get into self-employment taxes, the social security is quite a high tax rate that we are using. The Medicare is a smaller tax rate.